formula_efandomcom-20200214-history
Voestalpine
voestalpine A.G., otherwise known as voestalpine, is an Austrian based steel and capital goods group, with interests in the automotive and tool industries.'Group: Overview', voestalpine.com, (voestalpine A.G., 2018), http://www.voestalpine.com/group/en/group/overview/, (Accessed 12/06/2018) The voestalpine group is one of the most profitable in the European steel sector, and has interests in more than 500 companies. The voestalpine group would become a major sponsor of the ABB FIA Formula E Championship in 2018, becoming title sponsor of the new voestalpine European Series for the 2018/19 campaign.'Formula E partners with voestalpine for European races', fiaformulae.com, (FIA Formula E, 08/05/2018), http://www.fiaformulae.com/en/news/2018/may/formula-e-partners-with-voestalpine-for-european-races/, (Accessed 12/06/2018) Background voestalpine was originally formed in 1938, after prominent Nazi Party leader Hermann Göring bought out Vereinigte Stahlwerke AG for control of the Alpine Montangesellschaft (Alpine Mining Society in English) to seize control of Austria's steel industry.'Voestalpine', wikipedia.org, (WikiMedia, 16/04/2018), https://en.wikipedia.org/wiki/Voestalpine, (Accessed 12/06/2018) The new group, named Alpine Montan AG Hermann Göring, would remain under Nazi state control until the end of the second World War as part of the Reichswerke Hermann Göring. The group would then be transferred to the new Austrian national government after Austria's liberation in 1945, requiring significant investment from America to rebuilt its assets. From State to Self-Standing The group was renamed to VÖEST, the Vereinigte Österreichische Eisen und Stahlwerke (or the United Austrian Iron and Steelworks in English) in July 1946, with various assets sold to restart the company. Under state control the VÖEST group would become a world leader in the steel industry, only for a series of poor managerial decisions to destabilise the group. This led to a state arranged merger with Österreichisch-Alpine Montangesellschaft in the 1970s, resulting in a new name, Vöest-Alpine AG. A further state merger in 1988 saw Stahl join the group, forming Voest-Alpine Stahl AG, which made the group the largest in the overall Österreichische Industrieholding AG (Austrian Industry Holding AG) group. However Voest-Alpine Stahl AG would be one of three companies to be sold in 1995, with the state steadily reducing its shares in the company until 2003. Just before the final sale the group changed its name to voestalpine AG, with wider investment made outside of the Austrian steel industry. Formula E History voestalpine would become a surprise partner of the ABB FIA Formula E Championship during the 2017/18 season, with a press release unveiling them as a title sponsor for the 2018/19 season. The deal, signed just before the 2018 Berlin E-Prix, would see voestalpine become the title sponsor of a new mini-Championship, the voestalpine European Series, starting in the fifth Formula E season. The new "Series" would see drivers compete for a separate trophy to the main Championship, awarded to the highest scoring driver during the European phase of the 2018/19 Championship. The voestalpine group hoped that involving itself in the FE Championship would increase its recognition world wide. Products voestalpine provide no major components or interests for the ABB FIA Formula E Championship, other than revenue as the sponsors of the new-for-2018/19 voestalpine European Series. References Videos and Images: * References: Category:Partners